OW Bunker reeling from massive fraud case

An estimated 730 million kroner lost

Senior employees at Dynamic Oil Trading (DOT), a Singapore-based subsidiary of Denmark's second-biggest company OW Bunker, have committed fraud leading to losses of an estimated 730 million kroner.

The marine fuel distribution giant revealed in a press release that the extent of the fraud is not yet clear and that the case is being investigated.

”The head of Risk Management, Jane Dahl Christensen, has as a consequence of the risk management loss been dismissed with immediate effect,” OW Bunker wrote in its press release.

READ MORE: OW Bunker storms out of the stock market gate

From bad to worse
OW Bunker announced that it had been unable to come to a solution with the syndicate banks, and as a result the company has decided to “file for commencement of in-court restructuring procedure in the subsidiaries OW Bunker & Trading A/S and OW Supply & Trading A/S at the probate court in Aalborg”.

After being listed with great success earlier this year, OW Bunker's good start to the year has run aground with problems in recent weeks.

The company was forced to downgrade its financial results twice in just two weeks, and its equity was sliced by almost 1.5 billion kroner at the end of September.





  • How internationals can benefit from joining trade unions

    How internationals can benefit from joining trade unions

    Being part of a trade union is a long-established norm for Danes. But many internationals do not join unions – instead enduring workers’ rights violations. Find out how joining a union could benefit you, and how to go about it.

  • Internationals in Denmark rarely join a trade union

    Internationals in Denmark rarely join a trade union

    Internationals are overrepresented in the lowest-paid fields of agriculture, transport, cleaning, hotels and restaurants, and construction – industries that classically lack collective agreements. A new analysis from the Workers’ Union’s Business Council suggests that internationals rarely join trade unions – but if they did, it would generate better industry standards.

  • Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    Novo Nordisk overtakes LEGO as the most desirable future workplace amongst university students

    The numbers are especially striking amongst the 3,477 business and economics students polled, of whom 31 percent elected Novo Nordisk as their favorite, compared with 20 percent last year.